Collection of pink and white piggy banks of varying sizes.
Collection of pink and white piggy banks of varying sizes.

bundled banking has its benefits; here's why

5 reasons having multiple accounts with one bank makes sense

Most of us do not grow up with five piggy banks. But as we become adults, the number of bank accounts we use tends to multiply with our needs. For the average person today, that number is five, and those accounts typically are held across several financial institutions.1

Often, people open these accounts because of an opportunity that made sense at the time, such as a good interest rate. But over time, holding multiple accounts across various banks might not make the best use of your dollars and time.

Merely organizing your balances across different institutions can be time consuming, for starters, which can cause you to lose track of an account. Consumers are advised to review their checking and savings at least a few times a week, for example, but the task of logging into various accounts (What was that password…?) could cause many to put it off until “tomorrow.”2

Is that you?

Over time, holding multiple accounts across various banks might not make the best use of your dollars and time. 

The perks of putting your accounts under one roof

The benefits of consolidating your accounts with fewer institutions extend beyond simplicity. Here are five other advantages you could count on:

1. You can get the "family and friends" discount.

Many banks offer cost privileges to members who consolidate services, a practice called “relationship-based pricing.” It means if you hold several accounts under one roof – checking and savings, a mortgage and investments – the rate structure is more attractive because it is based on the group of services, rather than on individual holdings (read: power in numbers).3 At First Financial, customers who open a checking account, and meet certain requirements with the account, can earn a lower rate on a loan.

2. You can make smoother moves.

When you hold several accounts with one bank, such as a checking and savings, you can shift your money around in just one or two steps, often in real time. One-roof banking also makes it easier to track check balances and activities, both digitally and physically. And if you have various savings goals – college tuition, retirement, healthcare savings – opening several savings accounts with one institution makes practical sense, particularly if the bank offers accounts tailored to specific needs.

3. It makes it easier for succession and sandwiches.

If you are an older adult with children, fewer banks could make it easier for them and/or caregivers who eventually might need to access your accounts. Members of the growing “sandwich generation,” for example, are often slowed down by the sudden responsibility of taking care of their parents, which includes accessing their money so they can pay their bills. Fewer accounts also can simplify legacy planning and estate settlements.

4. More services at your fingertips.

If your bank offers a mobile app, you can access all of your accounts through that one portal – a convenience that enables you to skip a trip to the branch when busy. This may be why 59% of Americans now prefer to bank using a mobile app.4 We've just rebooted our app to include new features, such as real-time account alerts and a streamlined payment and deposit process, as well as your personal banking dashboard.

5. Your banker is part of your community.

Nearly 50% of consumers choose to keep their money where they feel most comfortable,5 which is for many a bank with a local branch. This is logical, and human: Familiar faces put us at ease, and bring confidence that services and transactions are consistently managed well. Bonus: Those same bankers at your local branch likely live in the same community as you. Their kids might attend the same schools, and they could shop at the same stores. They share what’s important to you.

How you bank should be taken into account, too

The amount you saved in your childhood piggy bank may have forecasted a lot about how you manage your finances today. The number of accounts you hold, and where, should therefore be aligned with your lifestyle as well as your goals.

If you like to visit your bank branch regularly, and have trouble finding time to check into various accounts on a regular basis, it might be time to consider combining some assets to one bank. Which accounts and where depends on you and your routines. But a bank specialist can help, by identifying the products and features most relevant to you.

You can learn about the many personal banking options at First Financial here. If you operate a business, we offer a suite of products for those needs, as well.